WHAT HEELS!: Three CA Men Convicted Of Bilking Seniors Out Of Their Life Savings
Daniel W. Heath, 51, his father John Heath, 81, and Denis T. O'Brien, 53, were found guilty on the first 248 of a total of 400 counts of selling false securities, selling securities without a license, grand theft and theft from the elderly. The defendants, all employees of Southern CA investment firm Daniel W. Heath & Associates, were tried in Riverside County Superior Court on charges that they bilked 1,700 pensioners out of nearly $190 million in a Ponzi scheme. During the trial several investors testified that they had to put off retirement, or live with friends or family because they had lost their homes.
Daniel Heath was found guilty on 248 counts; O'Brien was found guilty on 53 counts; John Heath on 39 counts. It took several hours to just to read the verdicts, in what prosecutors say is Riverside County's largest-ever investment fraud case, reports The Associated Press. Each count carries a maximum prison term of six years but if the judge imposes a consecutive sentence the trio could spend the rest of their lives behind bars. A sentencing hearing is expected to be scheduled on February 22nd.
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